SPX Versus Short-Term Volatility

Volatility levels have diminished these past four weeks, but the trend is still materially higher. Investors are growing more aware of the limitations for the complacency / moral hazard run for equity benchmarks and other capital markets that benefit risk trends. The question for me is when the next lasting swell in 'risk' is found. Do we wait for the FOMC next week, something perhaps further out or is the realization of exceptional exposure and limited returns already leaking in?